Peer-to-peer lending sites: MSE guide discussion

elephantrosie

i see not many people are into P2P.
there are only 2000 investors that uses ablrate.

elephantrosie

so many 14% loans on collateral

AlanP_2

elephantrosie wrote: »

so many 14% loans on collateral

They have just increased the rate on that block of property loans to 14% from their standard 12% to attract more investors, who, according to Coll weren't attracted by the short-term nature of the loans.

Personally I prefer short-term, particularly with property.

keyboardworrier

elephantrosie wrote: »

so many 14% loans on collateral

Yes, they are very tempting.

I've just been researching Archover, which seem to go under the radar slightly but they seem to have great insurance against various things happening, which is reassuring. Does anyone on here use them?

takesyourchances

elephantrosie wrote: »

i see not many people are into P2P.
there are only 2000 investors that uses ablrate.

It is still very niche I feel, which I like and it is not the masses following the trend. I mentioned P2P to a mostly savvy friend last week, he never heard ot it!

takesyourchances

The short term 14% loan on Collateral, I invested a bit when it was 12% and followed up with a bit more when it was raised to 14%. It is a short duration, but keeps the funds moving

elephantrosie

AlanP wrote: »

They have just increased the rate on that block of property loans to 14% from their standard 12% to attract more investors, who, according to Coll weren't attracted by the short-term nature of the loans.

Personally I prefer short-term, particularly with property.

why do you prefer short term loan with property?

Flobberchops

Greetings peers,

I was interested in RateSetter until I discovered I had missed the 2017 Welcome Bonus by over a month. Without the bonus, is there any real point using this platform, aside from diversification? Are the considerably lower rates there justified by its track record?

Secondly, I've recently started using Lendy and have made the cardinal sin of jumping in without really understanding the finer points. Briefly, which loans should I be taking (or avoiding as applicable), IOL, SBL or IA? Am I right in thinking IOL means performing as intended, and the other two describe states of recovery or default?

bigadaj

Flobberchops wrote: »

Greetings peers,

I was interested in RateSetter until I discovered I had missed the 2017 Welcome Bonus by over a month. Without the bonus, is there any real point using this platform, aside from diversification? Are the considerably lower rates there justified by its track record?

Secondly, I've recently started using Lendy and have made the cardinal sin of jumping in without really understanding the finer points. Briefly, which loans should I be taking (or avoiding as applicable), IOL, SBL or IA? Am I right in thinking IOL means performing as intended, and the other two describe states of recovery or default?

I used Ratesetter for a year, took the bonus and left, I think the average rate was only around 3.5% so not worthwhile in my opinion without the 10% bonus.

I stopped using Lendy, then still Savingstream, a couple of months ago, their defaults were increasing, though the situation has stabilised and arguably improved more recently. Their terminology is that IOA, interest in account is a performing loan. Once it stops paying then Lendy pay the interest, I think for 90 days, which is SBL, then IA is interest accruing which means the interest isn't paid to the lender, but will be paid if all the capital is returned and fees are paid. After the 180 days the loan goes into formal default and Lendy will repossess and seek any assets, normally property or land on which the loan is secured.

They seem to have had some success in sorting out the older defaults recently, but their lender profile seems to be risky and the valuations are open to question. Their rates were dropping also which made them unattractive for me compared to Moneything, Ablrate and collateral which are the three I'm currently using.

fun4everyone

I agree that the rates are very poor on Ratesetter and I only used them when beefed up considerably with a 10% bonus. After I collected mine I was out of there. I also never trusted SavingStream myself even back in the beginning.

Personally I like MoneyThing and Collateral the best at the moment, I have several other platforms as well.